Other things being equal, which market structure would produce the least output and the highest average product price?
A. monopolistic competition
B. oligopoly
C. perfect competition
D. monopoly
Answer: D
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Refer to the diagrams. In which case would the coefficient of income elasticity be negative?
A. A
B. B
C. C
D. D
Refer to the table. The equilibrium price in this purely competitive market is:
A. $5.
B. $4.
C. $3.
D. $2.
Which statement is true?
A. The federal budget deficit reached a peak in 1992 and has been declining since then. B. The federal budget deficit in fiscal year 1997 was at a record high. C. Because we ran federal budget surpluses since 1998, the national debt is falling. D. The federal government ran budget surpluses from 1998 to 2001, but returned to deficits since 2002.
Let D= demand, S = supply, P = equilibrium price, and Q= equilibrium quantity. What happens in the market for tropical hardwood trees if the governments restrict the amount of forest lands that can be logged?
A) D no change, S decreases, P increases, Q increases. B) D decreases, S no change, P and Q decrease. C) S decreases, D no change, P increases, Q decreases. D) D and S decrease, P and Q increase.